I'm looking at $ETH taking a sharp leg lower after rolling over from local highs, currently attempting a small bounce around 2,401.11. The aggressive sell-off has pushed price far below the downward-sloping MA60 line at 2,408.81, showing clear short-term bearish dominance.
Price swept lower down toward local support near 2,384.37 before pulling back up into resistance around 2,403.20. Chasing a long off the spike low is risky against this strong downward trend, so I'd prefer to see a relief rally into the broken dynamic resistance near the MA60 line (2,408.00 - 2,412.00) to look for a short entry. A move above that area would signal a potential trend shift and invalidate the short setup.
Trade idea:
📍 Entry: 2,408.00 - 2,412.00
🎯 TP1: 2,401.11
🎯 TP2: 2,393.79
🎯 TP3: 2,384.37 (Local Low retest)
🛑 Invalidation: 2,418.00
A reclaim above 2,418.00 clears the MA60 resistance and breaks the immediate bearish structure.
Waiting for a weak pullback to reject resistance rather than shorting at the bottom of the move.
Price swept lower down toward local support near 2,384.37 before pulling back up into resistance around 2,403.20. Chasing a long off the spike low is risky against this strong downward trend, so I'd prefer to see a relief rally into the broken dynamic resistance near the MA60 line (2,408.00 - 2,412.00) to look for a short entry. A move above that area would signal a potential trend shift and invalidate the short setup.
Trade idea:
📍 Entry: 2,408.00 - 2,412.00
🎯 TP1: 2,401.11
🎯 TP2: 2,393.79
🎯 TP3: 2,384.37 (Local Low retest)
🛑 Invalidation: 2,418.00
A reclaim above 2,418.00 clears the MA60 resistance and breaks the immediate bearish structure.
Waiting for a weak pullback to reject resistance rather than shorting at the bottom of the move.